Tag Archives: #payyourtaxes

It pays to be a race hustler: Al Sharpton received $1M in pay from his own charity

He needs that big salary as he still owes $698,470.99 in back federal taxes for three of his companies.

From Fox News: He’s the million-dollar minister. The Rev. Al Sharpton raked in $1,046,948 from his own charity last year, according to National Action Network’s latest tax filings obtained by The Post.

Sharpton got a $324,000 salary — 32% higher than his 2017 pay in addition to a $159,596 bonus and $563,352 in “other compensation.”

The Harlem-based nonprofit — which Sharpton controls as president and CEO — said the extra cash was to make up for the years from 2004 to 2017 when he didn’t get his full pay. NAN said it hired an executive compensation firm that determined the good reverend was owed $1.252 million — but he was generously willing to take $500,000 less.

Sharpton and the nonprofit’s board also agreed “he has now been fully compensated for all the years he was underpaid and received no bonus,” the NAN statement said.

The sharp-dressing, silver-tongued preacher defended the windfall before taking the stage for his weekly rally at NAN’s House of Justice in Harlem, an event where attendees throw cash in the collection bucket at the reverend’s behest.

“Fifteen years, you are talking about since 2004 when I came back after running for president,” he said. “For anybody else it would be laughable.”

He said he also deserved the 2018 raise. “It’s a six-day-a-week job and several hours a day and when [the compensation firm] compared it to other companies, other nonprofits, that’s the salary that they would get,” he said.

The firebrand activist and MSNBC host was not exactly earning minimum wage in recent years. The last year he went without a salary was 2008, and he has made well into the six figures every year since, tax documents show.

He certainly wasn’t coveting his neighbor’s paycheck in 2017, when his NAN salary came to $244,661, or the year before, when he was paid $250,000 plus a $437,555 bonus. NAN justified the bonus at the time saying it was designed to make up for a lack of full compensation, including no retirement or benefits packages over the years.

The nonprofit also noted in 2016 that Sharpton’s average yearly pay of $283,543 from 2007 through 2016 fell within the competitive range of those who held similar positions.

In 2014, Sharpton got much more than the average pay — $348,244 plus a $64,400 bonus, tax filings show.

Read the whole story here.

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Hustler Al Sharpton sells his life story rights for $531,000 – to his own charity

From NY Post: The Rev. Al Sharpton has found an eager buyer for the rights to his life story — his own charity.

The National Action Network agreed to pay the activist preacher $531,000 for his “life story rights for a 10-year period,” according to the non-profit’s latest tax filing, which was obtained by The Post.

NAN can apparently turn around and sell those rights to Hollywood or other takers at a profit, but neither the reverend nor the charity would identify what producers are waiting for such Sharpton content.

The document does not indicate when Sharpton, who is president of NAN, gets the cash, which is above and beyond the $244,661 he already pulled down in compensation from the group in 2017. Sharpton also wouldn’t say when the cash would come in.

“What does that have to do with anything?” he said, speaking to The Post Saturday from South Africa, where he is hosting an MSNBC broadcast on the 100th anniversary of Nelson Mandela’s birth.

Sharpton claimed the idea for the deal came from two NAN board members, whom he would not name.

He said they wanted to create a source of revenue for the civil-rights organization after he steps down in about a year. “This way they make a profit from the beginning and all of the revenues,” he said.

Sharpton said he had contracts for two movies, with a third contract in the works. One of these movies is already in production, he claimed. He would not provide details of any of the projects.

He said a play was being shopped around and there were other assets that would generate revenue for NAN, including a recording where James Brown is singing and he’s talking, and video footage of him with Michael Jackson. “You’ve got real property here. You’re not talking about just me as an activist. These are non-related NAN things that are the saleable items,” he said.

Sharpton said that the assets were appraised and the movie deals alone could bring in at least triple to NAN over what it was paying him for the rights. The organization says a private donor put up the money to make the purchase, but did not name the donor.

Nonprofit experts said the transaction could be troubling because NAN — whose mission includes criminal justice reform and police accountability — was doing business with its president.

If NAN paid too much it could run afoul of IRS rules regarding excess benefits given to a nonprofit’s key officials, which might put its tax-exempt status in jeopardy, Marcus Owens, a former IRS official and a partner with the Loeb & Loeb law firm in Washington, DC.

“When I see this kind of thing, it just makes me roll my eyes because there’s so much potential for funny business,” said Linda Sugin, a Fordham University Law School professor and associate dean.

The organization’s tax filing noted that the board’s unnamed “executive committee independently approved” the deal.

But Sugin questioned such how such independence was achieved. “In this case, it’s really difficult because of his role in the organization and just because of his overall influence,” she said.

Daniel Borochoff, the head of Charity Watch, said the transaction would have been “a lot cleaner” if Sharpton sold the rights himself to a production company and then donated any profit in excess of $531,000 to NAN.

The Harlem-based National Action Network, which Sharpton founded in 1991, holds weekly “action rallies” at its House of Justice headquarters and an annual convention that has drawn President Obama as a speaker. The event has been sponsored in the past by large corporations, including Walmart, PepsiCo and Ford.

The nonprofit took in $6.3 million in revenue last year, up from $5.8 million the year before, according to its tax filings. Its years of outstanding taxes were paid off in 2014.

Sharpton, who hosts the “PoliticsNations” show on MSNBC, managed to pay off a chunk of his tax debt to the state and feds in the last year.

He paid $172,112 to the state, but still owes $736,375 in personal income tax and taxes for three of his companies to Albany.

City records show a $1.3 million tax lien to the IRS was satisfied in February, but records show he still has $2.5 million in outstanding federal liens against him and one of his companies. NAN has maintained that Sharpton is paying taxes on an installment plan. The liens don’t reflect partial payments.

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